SOUTH BEND, IND. — Holladay Properties is converting an industrial site at 850 Marietta St. in South Bend into a 39,990-square-foot self-storage facility. Store Space Self Storage will manage the facility, which is slated to open in the second quarter. The property will feature four buildings with 183 climate-controlled units and 165 drive-up units. Store Space will provide day-to-day operations, call center support, marketing, branding and technology solutions. Holladay expects to partner with Store Space on additional locations.
MCHENRY, ILL. — Entre Commercial Realty has brokered the sale of a 21,500-square-foot office building located at 420 Front St. in McHenry for an undisclosed price. The two-story property was built in 2000. Dan Jones, Dan Benassi and Sam Deihs of Entre represented the seller, Glacier Properties. Community Consolidated School District 15 purchased the buildings with plans to utilize it as a new central office for the McHenry School District.
HUNTLEY, ILL. — Principle Construction has completed the third expansion in five years of General RV’s space at 14000 Automall Drive in Huntley. The current project includes a 19,558-square-foot addition to the building, which Principle initially constructed in 2011. The building features a clear height of 22 feet and 14 drive-in doors. Cornerstone Architects was the project architect.
EWING, N.J. — Locally based student housing development and management firm The PRC Group has received an $88.4 million loan for the refinancing of Campus Town at TCNJ, a 612-bed development located in the Northern New Jersey community of Ewing. The property, which serves students at The College of New Jersey, offers 184 units in one-, two- and four-bedroom floor plans alongside 78,787 square feet of ground-floor retail space. John Banas, Kristopher Wood, Christopher Philipps, Rhett Saltiel, Erik DiGirolamo and Sean Bailey of Walker & Dunlop arranged the financing on behalf of PRC Group. The direct lender was not disclosed.
PASSAIC, N.J. — A partnership between Los Angeles-based finance and investment firm PCCP LCC and Atlanta-based private equity group Stonemont Financial will develop a 295,500-square-foot warehouse in the Northern New Jersey community of Passaic. The site spans 17 acres. Building features will include a clear height of 40 feet, 185-foot truck court depths, 40 dock doors, two drive-in doors, 167 car parking spaces and 55 trailer parking stalls. Construction is set to begin in February and to be complete in spring 2024.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $17.6 million sale of a portfolio of eight multifamily buildings totaling 84 units in Harlem. The portfolio includes four commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer and seller, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.5 percent.
WATERTOWN, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Plaza at Salmon Run, a 68,761-square-foot shopping center located in the upstate New York community of Watertown. Regional grocer Hannaford anchors the center, accounting for 76 percent of the gross leasable space with a lease that runs through 2028. Other tenants include Red Robin, boating specialist West Marine and salon Zoom Tan. Jim Koury led an IPA team that represented the buyer and seller, both of which requested anonymity, in the transaction.
PARAMUS, N.J. — Valley Medical Group has signed a 22,500-square-foot office lease at Paramus Corporate Center in Northern New Jersey. The tenant will occupy most of the first floor at the four-story, 119,846-square-foot building, which was recently renovated. Jeffrey Prezant of Cushman & Wakefield represented the landlord, American Equity Partners, in the lease negotiations. Peter Hamburger, Robert Rudin and Jan Randall, also with Cushman & Wakefield, represented the tenant.
NORTH CHARLESTON, S.C. — Jamestown, along with local real estate developers Weaver Capital Partners and WECCO Development, has broken ground on the first buildings at Navy Yard Charleston, the 79-acre mixed-use redevelopment of a former naval base in North Charleston. This first phase of the redevelopment involves converting two historic storehouses — Storehouse 8 and Storehouse 9 — on the project site into a total of 107,000 square feet of mixed-use space for restaurants, retail, office space and apartments. The buildings are scheduled to open in 2024. The 40,000-square-foot, two-story building known as Storehouse 8 will be restored and repurposed as a restaurant, event space and offices. To preserve the history and character of the building, which was constructed in 1906 as naval administrative offices, the renovation will salvage architectural details such as the original hallways, trim, railings, flooring, slate roof and copper soffits. The adjacent Storehouse 9, a 67,000-square-foot, four-story building constructed in 1918 as naval administration offices and storage facility, will be converted into restaurant and retail space on the ground floor, a rooftop bar and restaurant with views of the Cooper River and 86 multifamily units offering flexible live/work layouts. In addition to the redevelopment of Storehouses …
The retail market across the Raleigh-Durham region, also known as the Triangle, soared to new heights in 2022 despite significant global economic headwinds. Spurred by population growth and major economic development announcements, 2022 was filled with the groundbreaking and opening of new retail and mixed-use projects across the region. For the second consecutive year, North Carolina witnessed record-breaking economic development activity. New and expanding companies announced more than 12,700 jobs and more than $11 billion in new investments in the Triangle region alone. While the urban sectors lagged through 2020 and 2021, they saw a resurgence in 2022 with major tenant announcements for Smoky Hollow (Kane Realty Corp.) such as Midwood Smokehouse, The Crunkleton, Madre, Dose and New Anthem Beer Project. Downtown Raleigh also featured the delivery of 301 Hillsborough at Raleigh Crossing (Barings), Tower Two of Bloc 83 (City Office REIT) and construction of Seaboard Station (Hoffman & Associates). Downtown Durham boasted major groundbreaking, retailer and restaurant announcements as well, including the groundbreaking of Novus (Austin Lawrence Partners), encompassing 23,000 square feet of ground-floor retail space and 27 floors of high-end residential. American Tobacco Campus reimagined its restaurant mix to announce Five Star, Press, Queen Burger and the soon-to-open …